Which CD RATE is better/ where are rates going

RJB1180 · #1 (**permalink**) 10-12-2006, 06:58 PM

Have 10K for 6 +/- month CD

Which option is better?

World Savings 5 Month 5.61 APY 10K min
Hudson City 7 Month 5.60 APY 500 min

I am leaning towards the WS since I dont think rates will down soon, but what do you think.

slimcustomer · #2 (**permalink**) 10-13-2006, 06:35 PM

Unless you are talking about a huge deposit or record breaking fluctuations in interest rates, it shouldn't matter too much which one you choose. I would concentrate on getting a better rate.

poundwise · #3 (**permalink**) 10-13-2006, 08:03 PM

I don't think it matters much which of those two you choose.

Just FYI: If you are willing to go with a 1 year CD, AmTrust and ELOAN are offering 5.71% and 5.70% respectively. At 18 months, ELOAN will give you 5.75%.

At 6 months, 5.61% is the best I have seen.

gotalkmoney · #4 (**permalink**) 10-14-2006, 10:44 AM

I don't think the rates will drop anytime soon. I like the idea of just taking a small length CD because you really never know where the rates will go. As for the bank, it's your call. I would personally choose World Savings for the .01 difference

safari · #5 (**permalink**) 10-14-2006, 11:11 AM

How about AmTrust Direct 6 month CD at 5.61% with $1,000 minimum deposit.
http://www.amtrustdirect.com

Ima saver · #6 (**permalink**) 10-14-2006, 12:52 PM

My local bank is paying 5.8% for 9 months cd, min. $500.

Broken Arrow · #7 (**permalink**) 10-14-2006, 04:34 PM

Wow. Who is this local bank? Everyone's chasing these rates online, and all Ima has to do is go to her bank locally!

disneysteve · #8 (**permalink**) 10-14-2006, 06:16 PM

Quote:

Originally Posted by Broken Arrow

Wow. Who is this local bank? Everyone's chasing these rates online, and all Ima has to do is go to her bank locally!

It actually isn't unusual for local banks to offer special rates from time to time. They will do it based on their specific need for funds and local conditions, or as a special offer to attract new customers to the bank. Frequently, they won't advertise those rates anywhere other than on a chalk board in the branch lobby. And it may only be at one specific branch, not every branch the bank has.

scfr · #9 (**permalink**) 10-14-2006, 09:09 PM

You may be able to negotiate with your local bank (especially a smaller, local or regional one) for a higher rate. It doesn't hurt to ask. The worst thing that can happen is they say no. There's one bank in our area that will negotiate with us; I just look for the best rate I can find on-line and ask them to match it.

As far as rates will go, we are betting they will hold steady for awhile. We just rolled a 1-mo CD over to a 6-mo one.

LuxLiving · #10 (**permalink**) 10-15-2006, 09:32 AM

Quote:

Originally Posted by Broken Arrow

Wow. Who is this local bank? Everyone's chasing these rates online, and all Ima has to do is go to her bank locally!

She's in Blairsville, GA, so it shouldn't be too hard to locate the bank.

Try here...scroll down the page...look under financial
http://ucda.net/newfront.htm

Ima saver · #11 (**permalink**) 10-15-2006, 09:55 AM

Sorry, I have not been here for a day or so. The name of the bank is Season's Bank, in Blairsville, Ga. My money market is also local and is paying 5.25%. It is the Appalachian Community Bank! But you must have $50,000 for the money market, but only $500 for the 5.8 CD at Seasons Bank.